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Heavy, Low Volume Futures Trade On Thursday

US TSYS

A flat re-open for T-Notes, dealing just above late NY lows, last +0-00+ at 130-11. The post-CPI cheapening remained in play in the U.S. Tsy futures and Eurodollar space on Thursday. A reminder that cash Tsys were closed owing to the observance of the Veterans Day holiday, with futures volumes running well below average as a result. FV futures hit the lowest levels witnessed since late Feb '20 (when the COVID-related rally started to take hold), while EDZ2 moved to the lowest levels witnessed since Mar '20, as the EDZ1/Z2 spread steepened out to 75bp. There isn't anything in the way of tier 1 data releases to observe during Friday's Asia-Pac session (although the briefing surrounding the CCP plenum in China will be worth watching), while NY hours will bring the latest prelim round of UoM sentiment & JOLTS jobs data, as well as an address from NY Fed President Williams (on heterogeneity in macroeconomics).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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